$300 million Docklands Office Building quietly marketed for Sale

Docklands’ unluckiest office building has been quietly listed for sale.

The 717 Bourke Street office and soon-to-be home of Channel Nine is expected to sell for between $280 and $300 million, reflecting a yield of about eight per cent.

Last November, education service provider, and a reported minority owner of the building, Global Campus Management, went into voluntary administration, surrendering a 17,000 square metre lease over almost half of the building. That space was to have been occupied by French fashion school ESMOD.
The majority owner of the building, Babcock & Brown, faced its own
financial woes during the economic downturn, liquidating its investment
bank last August.

Architect group Metier3 is another company in the building’s ownership consortium, it has been reported.

Despite the setbacks of its owners and the economy, construction of
717 Bourke Street continued.

Colliers International is understood to be marketing the building, but a representative declined to comment on any part of a campaign when contacted by Capital Gain.

Other tenants in the 37,000 square metre office, near the corner of Wurundjeri Way, include petroleum giant BP, Victoria’s Financial Ombudsman and insurer Chartis, the new name for AIG.

Courtesy Marc Pallisco at realestatesources.com.au